This week civil charges are expected to be filed by the Department of Justice and New York state prosecutors against Standard and Poor’s, the rating service. Its allegedly rosy ratings for mortgaged backed securities understated the severity of the growing housing crash and may have actually contributed to the financial crisis. The charges also accuse the rating service […]
Former New Jersey governor and Goldman Sachs executive Jon Corzine resigned as chairman and CEO of MF Global, the brokerage firm that filed for bankruptcy on Monday. Corzine has chosen to forfeit his $12 million severance package. Under Corzine’s leadership, MF Global lost two-thirds of its market value. A federal investigation is now under way after […]